Cybersecurity Fund Sees 30 Percent Returns After Equifax Breach
Despite the heightened trade rhetoric that caused the stock market to struggle and issues that have dampened the performance of the tech stocks in recent months, it was observed that the cybersecurity sub-sector is going in the opposite direction, with popular exchange-traded fund gaining as much as 31% since the Equifax data breach.
The ETFMG Prime Cyber Security ETF (HACK), which was launched in November 2014, is now up 18% this year. Included in the fund are companies such as Palo Alto Networks, Fortinet, FireEye, Juniper Networks, CyberArk Software, Symantec and Cisco.
According to Gartner, cybersecurity spending is expected to climb 7% to $93 billion this year compared with $86.4 billion in 2017.